Both countries agreed to include threads, fabrics and clothing in the batch of items that are already subject to tax relief, as part of the Free Trade Agreement in force.
The Ministry of Economy of Guatemala informed that the trade between both countries will experience a significant increase because of the recent signature of several agreements that expand the productive value chains.
Through the treaty the Israeli market will have preferential access to Panamanian products such as vinegar, coffee, palm oil, beef, cassava, flour and beer, among other things.
The Panamanian government reported that "...In the framework of a meeting between the president of Panama, Juan Carlos Varela and the Prime Minister of Israel, Benjamin Netanyahu, a Free Trade Agreement and a Memorandum of Understanding on agricultural matters was signed."
The signing of the trade agreement is scheduled for late February, a measure that bodes well for improving access to Korean high-tech products and increasing agro-exports from Central America.
A report by Moody's analyzes the impact expected in El Salvador and in the other countries of the region, from the entry into force of the free trade agreement with the Asian nation.
A proposal has been made to reactivate the process so that the commercial agreement, which was approved by the Peruvian congress in 2013, completes the ratification process in the South American country and enters into force.
The main factor that has delayed the entry into force of the Free Trade Agreement between Guatemala and Peru has to do with the conflict that arose in 2013 due to the tariffs imposed by the Andean nation on imports of sugar from Guatemala, which resulted in the Guatemalan government filing a complaintwith the WTO.
Not fearing free trade, lowering tariffs and facilitating business development are some of the ingredients the Chilean export model that Central America could follow.
In an interview with Elfinancierocr.com, ProChile's director, Roberto Paiva, explained that one of the main reasons behind the success of his country's foreign trade model is the high degree of trade liberalization.Not only for having reduced tariffs, but also for"... 'having negotiated trade agreements. We have agreements with Europe and much of Asia. We don't yet have Africa.This opening not only lowers tariffs but brings us closer to the market and the business'. "
Three years after being signed, the Colombian Constitutional Court has approved the bilateral agreement that liberalizes 75% of industrial products over terms of 5 to 15 years.
This was the last institutional step needed to for the FTA between Costa Rica and Colombia, as the Central American country had completed all the necessary procedures, leaving only formal communication from Colombia to Costa Rica remaining, so that the agreement will go into force 60 days later.
The basis for the agreement have been established, with Panama having achieved immediate preferential access for various agricultural and fisheries products, and access through quotas for beef, pineapple, papaya and tropical fruits.
After four rounds of negotiations between teams from each government, a basic document was created setting out the conditions of entry of products and services to each market.
The free trade agreement with Switzerland, Norway, Liechtenstein and Iceland will grant free access to these countries for 77% of primary agricultural products and those processed in Guatemala.
The entry into force of the FTA now depends on the approval of Congress and subsequent ratification by the Executive.
Dca.gob.gt specifies that "... the EFTA grants free access to 77% of primary and processed agricultural products from Guatemala, 10% of goods will have tariff preferences and 13% are excluded ... Guatemala meanwhile granted free access to 43.8 percent of primary and processed agricultural products, an additional 29 percent were liberalized in periods of 5 to 10 years, 0.8 percent will enjoy tariff preferences and 0.2 percent on a tariff quota to Switzerland, excluding 26.1 percent of articles.... ".
Several years after conversations began, Central America and South Korea finally started the formal negotiations for a free trade agreement.
From a statement issued by the Government of Guatemala:
In Houston, Texas, the Minister of Economy of Guatemala, Sergio de la Torre, and his Central American counterparts in charge of foreign trade, met with Korean Minister of Commerce, Industry and Energy Yoon Sang-Jick, to start negotiating the Free Trade Agreement between the Republic of Korea and the Central American republics.
Colombian Congress has given final approval to the text of the Free Trade Agreement between Colombia and Costa Rica, which now must be considered by the Constitutional Court.
From a statement issued by the Ministry of Commerce, Industry and Tourism of Colombia:
Bogota, DC, June 16, 2015. The plenary of the House of Representatives approved in a final debate a bill that gives life to the Free Trade Agreement between Colombia and Costa Rica, which will pass on to be reviewed by the Constitutional Court.
80% of Peruvian exports enter duty free immediately and the rest will gradually be exempt from tariffs which will be eliminated completely within 10 years.
"... Asparagus, artichokes, grapes, pineapples, mangoes, avocados, quinoa, amaranth, paprika, coffee, Giant Cusco corn, purple corn, lacquer dyes, brighteners, essential oils, chemical inputs, varnishes and paints, plastic containers, polymer foils , solvents, textiles for clothing, articles of iron and steel, goods manufactured from copper, among other things ... " are some of the Peruvian products that will start to enter the Honduran market under the FTA scheme between both countries.
Access to the Mexican market for flowers, watermelons, melons, beef offal, processed chicken, seafood and cocoa will be given in the first five year period.
The free trade agreement with Mexico, approved on its third reading by the National Assembly of Panama, is a prerequisite for the country to enter the Pacific Alliance, but has yet to be ratified and published in the Official newspaper La Gaceta, for its full entry into force.
With opposition from agro-industry, the government has initiated the processes required to join the trade bloc, including a consultation period, which runs until the end of the year.
Entry into the block requires a greater commercial opening than that established in free trade treaties negotiated between Costa Rica and member countries, Mexico, Colombia, Peru and Chile, which is why productive sectors such as agriculture and industry oppose it.
The Honduran government has reported that the agreement will take effect on October 1, and that it will be coordinating a visit by a group of Canadian companies in the country in the coming previous.
The Department of Economic Development told Eleconomista.net that "...The entry into force of the FTA between Honduras and Canada "has been set for October 1" after the two countries have "adopted the administrative regulations necessary at the level of customs and the formalities prescribed in the Treaty have been exhausted.' "
The signing of a free trade agreement with Mexico puts Panama one step closer to the commercial bloc.
After the signing of the free trade agreement between the two countries, Panama could be the next country along with Costa Rica, to join the Pacific Alliance trade bloc.
"This business conglomerate, created in 2011 by Peru, Chile, Colombia and Mexico, is awaiting the arrival of Costa Rica, which is another market that adds to the dynamic characteristics of its members and which has opened up a path for the isthmus to follow in its steps. "